Service Tax — Enactment of Finance Bill 2000 as Finance Act 2000 - Service Tax - 70/2000

Service Tax Enactment of Finance Bill 2000 as Finance Act 2000 Trade Notice No. 70/2000, dated 31-5-2000 of the Cochin-I Commissionerate Attention of the Trade is invited to this Office trade Notice No. 24/2000, dated 1-3-2000 communicating Finance Bill, 2000-2001. 2. It is informed that the Finance Bill 2000 has received the presidental Assent and has become the Finance (No. 10) Act, 2000. Consequent on the enactment, Clause 112 of the Finance Bill 2000, relating to Service Tax has become section 116 of the Finance Act, 2000. There is however, a change that the restrospective effect in respect of the service tax applicable to services rendered by good transport operators and clearing and forwarding agents would be effective form 16th July, 1997 to 16th October, 1998. 3. As a result of this enactment any service tax refunded in persuance of any judgment, decree or order of any court striking down sub-clauses (xii) and (xvii) of clause (d) of Sub-rule (1) of Rule 2 of the Service Tax Rules, 1994 before the date on which the Finance Act, 2000 received the assent of the President, shall be recoverable within the period of thiry days from the date on which the Finance Act, 2000 received the assent of the President and in the event of non payment of such service tax refunded within this period, in addition to the amount of service tax recoverable, interest at the rate of 24 per cent annum shall be payable from the date immediately after the expiry of the said period of thirty days till the date of payment. 4. The Trade and its associations are requested to bring to the notice of the constituent members, the contents of this Trade Notice.